Dow / S&P 500 Clear 50-Day MA’s

MARKET SUMMARY

U.S. markets closed sharply higher on Friday after worries over tariffs on steel and aluminum faded as Wall Street focused on an unexpectedly strong jobs report and news that President Trump has accepted an invitation to meet North Korea’s leader.

The Nasdaq zoomed 1.8% after going out at a session and all-time high of 7,560. It was the first new record high since late January with the index rising 4.2% for the week.

The Russell 2000 surged 1.6% after making a run towards the 1,600 level into the closing bell but falling shy by 3 points. The index is just over 1% away from setting fresh all-time highs after adding 4.3% for the week.

The S&P 500 soared 1.7% after closing at its session high of 2,786 and was up 3.5% for the week. The Dow jumped 1.8% after trading to a high of 25,336 to close above the 25,000 for the first time since early February. For the week, the blue-chips gained 3.3% with both indexes clearing their 50-day moving averages following Friday’s gains.

TRADE OF THE DAY

WHEN MARKETS MISBEHAVE

ANALYST UPGRADES / DOWNGRADES

Akamai (AKAM) upgraded to Overweight from Neutral at JPMorgan58.com (WUBA) upgraded to Buy from Hold at BenchmarkKohl's (KSS) upgraded to Outperform from Market Perform at Cowen

Acacia Communications (ACIA) downgraded to Underweight from Equal Weight at Morgan StanleyEcopetrol (EC) downgraded to Underperform from Hold at SantanderMatch Group (MTCH) downgraded to Market Perform from Outperform at Wells Fargo